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Thirty-one companies have emerged as winners of 37 oil and gas blocks in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)’s 2025 Licensing Round, following a competitive bidding process that attracted 143 companies and 200 bids.
The winners were announced at the conclusion of the commercial bid conference held at the Transcorp Event Centre, Abuja, on Tuesday.
The 50 oil and gas blocks offered by the commission spanned the Niger Delta onshore, shallow water and deep offshore areas, as well as the Benin, Anambra and Chad basins and the Benue Trough.
However, only 37 blocks received bids, while 13 failed to attract any interest from investors.
The successful firms include SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF and Gupsco Energy Limited.
Others include Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Ramec, Italia and Blueridge E&P.
Also among the successful bidders are Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.
NUPRC said the successful bidders would receive final awards only after paying the prescribed signature bonuses and obtaining the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act (PIA) 2021.
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One of the major highlights of the exercise was the strong investor interest recorded in Nigeria’s frontier basins, with the Benue Trough, Chad Basin, Anambra Basin and Benin Basin all attracting bids.
The commission described the development as the first time frontier basins had generated such significant investor interest during a licensing round.
Speaking at the event, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, commended President Bola Tinubu for providing the support that enabled the commission to conduct a transparent and seamless licensing round.
She congratulated the successful bidders and urged them to promptly pay their signature bonuses to facilitate the completion of the award process.
Eyesan also warned that the winning companies must move swiftly to develop the assets, stressing that the commission would strictly enforce the “drill or drop” provision of the Petroleum Industry Act against operators that fail to meet their work obligations.
“The assets have been awarded competitively and transparently. We expect the successful companies to pay their signature bonuses without delay and proceed with the development of the blocks. The Commission will continue to enforce the drill or drop provisions to ensure Nigeria’s hydrocarbon resources are developed for national benefit,” she said.
The commercial bid conference was monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industries Transparency Initiative (NEITI) and other stakeholders as part of measures to ensure transparency and compliance with extant laws.
